Planning your retirement

Overview

You can start planning for retirement at any age. It’s never too early or too late to think about your retirement goals.

Retirement can be a big adjustment for many people. Planning for it in advance can help you feel more positive about retirement when the time comes.

When planning for retirement, consider at what age you want to retire. There are many factors that may affect this decision. This includes your financial situation and how much money you’ll need to retire.

In order to work out how much money you’ll need, it can help to think about:

• what debts and assets you currently have
• the lifestyle you want in retirement, including activities and interests such as travel
• whether you intend to work part time
• if you can get a pension or other types of financial support once you retire.

This will make it easier to create a budget and set realistic financial goals. 

As you get closer to your retirement, you may want to make changes to your current work situation. This can include:

• working more to increase your income, or 
• scaling back your working hours as you transition into retirement.

Getting support

Thinking about the future can cause uncertainty and anxiety. Or your retirement may be unexpected and unplanned, for example, because of redundancy or ill health.

It’s important to get the support you need. This can include:

• mental health and emotional wellbeing support
• support to maintain or improve your physical health
• support to take control of your finances, such as professional financial advice, financial counselling or help with debts
• legal support.